[quote=Arty]Add one more…Fed will accept “broader” set of collateral for loan…what’s the “broader” set? Junks that no one in their right mind will buy in the open market?[/quote]

Supposedly equities will be in the broader set. That seems ridiculous to me. Equities are very liquid so why not just sell them on the exchanges? It sounds like the Fed is trying to keep the stock market from crashing by having all the IBs, banks, and whoever else has access to the FED Discount Window trade in their equities for cash instead of selling them on the open market.

This seems quite crazy to me, but then so has this whole damn bailout.